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This calculator illustrates how much your mortgage payment will be based on the amount borrowed, interest rate, payment frequency and amortization period. Create and compare two mortgage payment scenarios.
See Also: Mortgage Qualifier Calculator
Your down payment and mortgage payments are just the beginning of the costs associated with home ownership. It is important to know what size of mortgage payments you can expect for proper budgeting. Other factors you need to consider when budgeting for a home purchase include household income, down payment, current and anticipated debt, property taxes, home insurance, maintenance and repairs.
Payment Amounts and Interest Rates
Your payments will increase as the amount you borrow or the interest rate you pay increases. A lower mortgage loan amount or lower rate will lead to lower payments and less total interest over the life of the mortgage.
Amortization Period Considerations
If your amortization period (the amount of time it takes to pay off your mortgage loan completely), your payment will increase but the total interest paid will decrease. By increasing the amortization period, you can reduce your payment, however this will result in paying more in total interest over the life of the mortgage.